Kumowizard

Mixed picture - short term 3290 support tested

FX:EUSTX50   Euro Stoxx 50 index of European listed shares
63 0 3
First of all pls note that I added EWO ( Elliot Wave Oscillator) to may charts, to be consistent with my Twitter posts, where I use this indicator to confirm trend bias and waves.

Weekly - Neutral, with bearish bias
- The long term Head and Shoulders pattern building is still possible, but Price shot higher into the Kumo during last 3 weeks, so the pattern would be assimetric in case.
- Ichimoku is neutral, Price enterred and trades in a thick Kumo. Warning: Kumo is bearish twisted ahead.
- Heikin Ashi signalled a possible reversal at the end of last week, and turned bearish bias today (the week is still long ahead). Looks like 3290+ support managed to block further seling this morning. 3290 is a very important strategic level.
- Another bearish warning: EWO could not come back above zero line: wave pressure remains bearish .

Daily - bullish bias, but momentum is a question due to shocks
- Ichimoku turns neutral as Price got hit to Kumo support. However thick Kumo and Kijun together should provide enough support for bulls. EQO also kept above zero, no real danger for now.
- Heikin Ashi signal is bearish , but haDelta spikes up again after hitting extreme low earlier. It looks like short term panic is over.
- Next question is can we see a higher high, can we see a test of bearish trendline and continuation above 3500 later?


After short term 3290 support got tested and proved to hold, I think mkt can go a bit higher again from here. But in the long run I think risks of a bear market are still not negligable!
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out